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I have a 5.0 with a 2in kit. You can stuff 34" under there but I went with 33". With 34" you may not be able to fit mudd flaps. With 33" I had to trim my front flaps very slightly. My gas mileage went from roughly 17.5 to 14.5.
Many factors dictate what you can do.
I have a 2.75" strut lift with King adjustable setup and an aftermarket bumper, and aftermarket rims with 0 offset. I run 35" X 12.50" Super Swampers with no trouble.
If you are stock other than the 2" level kit I recommend no larger than 34 X 11.50 or 275/70 R18 (assuming you have 18" wheels).
As a recommendation: Nitto Trail Grapplers in 275/70 R18 lasted 40K on my truck and had 7/32 left when I swapped to the Interco's, and I wasn't nice to them at all.
As far as gas mileage, if you are concerned about keeping fuel economy up, you already made a mistake with the leveling kit. Trucks - You can look good, sound good, and have capability off road or you can have fuel economy... not many ways to serve all masters.
I'm also considering a 2" level. I have a Limited with 22" wheels, but will gladly dump them for 20s or 18s, leaning towards 18s. The stock 22" wheels with the 275/45/22s are almost 32" diameter, so I'm looking to say pretty close to that, maybe going up slightly to ~32.5s (285/65R18s).
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.